Breakingviews: Siemens and Mitsubishi offer Alstom a choice
Tuesday, June 17, 2014 - 04:06
June 17 - After GE, now Siemens and Mitsubishi have teamed up to buy some of the French company’s energy assets. Still a Plan B, but credible and politically astute, says Breakingviews.
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It's -- Siemens and the Mitsubishi heavy you have come in without rival but it Al Stallman rival of course G jeans off -- the bid deadline -- -- June 20 sets of getting close to get canceled. -- has assessed this. Is it a good alternative for also. -- that it's definitely something he announced on board to -- it's not a ridiculous offer. It's hard to have the precise number of them to come up with a precise estimate of the hole. Power business right because. General Electric -- just proposed by the whole thing. And Siemens and Mitsubishi by part of it totally. For Siemens against business and the Mitsubishi takes a minority stake in -- power of isn't it very it's a complex. I released reckon it's worth anything between less than. 700 million less than -- offer one billion more than right in front of him as you want Julian -- right now I or 700000700. Million depending on the assumption -- -- -- -- -- -- takes into account the value of the parts of the power businesses that would remain under house is just tough -- -- how simple list that offer is exactly right the thought that cash element. Is eleven brilliance that you need to seven particularly more than nine point nine billion billion for Agee and -- does -- I don't believe -- Mitsubishi and Siemens. So the question is. What do -- good thing about it from the border -- zone which we know prefer that you you beat from the beginning. He's more Keenan accepting that he'd be as binding offer you moved to weed they break up fees. That this deal does that it isn't done. The second stakeholder. Of course as we know in this particular case is the French government. Who's been very vocal very heavy handed in intervening hoping things between not approve or make an income. -- multiple sources. Objection your your arguing. Sargent -- you're arguing Siemens Mitsubishi heavy. And you setting a piece that that that is -- to put this -- cheeks. -- -- That change the JB that it would also -- these different different -- -- they know that means they know who. One of the decision makers going to be the government they know that -- reported against -- as well and they're expected to come up with another. Improvement and -- enough financial David politically has -- the government has yet still. Would retain his first. That's human -- he's highly complex second to he's constantly might not retained. Financial just -- -- -- minority holders Mitsubishi with companies would keep competing and except for industrial. Mitsubishi -- 33 shots it was a conglomerate to still have that meeting outs and wanted to get rid of those of the power division. Focus on the train entrance for business. And the future of the company. These two ads. You know -- is that it did to Doug Fuzzy as it was before -- Liza. Siemens has set -- on this is quote -- -- would remain independent energy entrance poll with a strong. It's -- French. He would say that when the colts OK why does that show that they have added that they have said that the probability is that. Of course it's been big by the American companies that they've known friends and it's useful or practical matter -- told approach -- The nuclear room businesses were -- to put it politically sensitive. Especially with a French government that is very keen on implementing debt and promised he would have been gone to -- -- and in the US when the this tends to project its diplomatic needs for. Under the guise of and to sort of peninsula consideration so. Yet that these delicate caught two planes to duplicate game to play that -- I think needs to be too important to come up with with a winning a top target yeah it was -- happens it. You show is that hopefully some certainty that he be -- --
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